For initiating a refund of a transaction for which settlement has already happened in the merchant's account (T-1 day transactions) Refund API can be triggered by the merchant. Refunds are reversal transactions wherein complete or partial money is moved back to the customer's source account (account from which actual payment was made). Refunds can only be created for a successful or settled transaction.
Ways to initiate refunds
Paytm provides two ways by which you can initiate refunds
- Refund from Paytm Dashboard
- Refund by triggering Refund API